Technical Analysis for BTCUSD for 16th June 2022
Bitcoin Recovers after Dropping 30% in 5 Days
Past Performance of BTC
On June 15, Bitcoin prices fell to as low as $20.1k, a 30 percent crash from last weekend's trade range, before pulling back slightly higher in subsequent sessions. Currently, sellers are in control even if prices are steady in the previous trading week. Per the technical candlestick arrangement in the daily chart, sellers have the upper hand. Bitcoin could crash below $20k in the short term.
Bitcoin Technical Analysis
Bitcoin remains volatile at spot rates, and bears are in a commanding position. As sellers press on, aggressive traders should find entries to ride the wave down. Nonetheless, there are hints of bear leg exhaustion. The June 15 pin bar has a long upper wick suggesting strength at the close of yesterday's session. This could be validated if bulls tame rampant bears, arresting the sell-off. A break above $24k could reinforce bulls, allowing for a welcomed recovery. If not, price dumps below $20.1k could see BTC crumble to $17k or worse in the medium term.
What to Expect from BTC
Sellers are still in charge, per the candlestick arrangement in the daily chart. Even so, there are exhaustion signals following the June 14 and 15 bars closing with a long lower wick. A close above $24k may buoy traders, marking this week's losses as a climactic leg down.
Resistance level to watch: $24k
Support level to watch: $20k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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